The Ahmedabad Municipal Corporation (AMC) is set to conduct a fresh round of auctions for approximately 150 plots measuring less than 2,000 square meters. This decision comes after the lukewarm response to larger plot auctions in February 2023. Potential buyers have shown a preference for smaller plots suitable for bungalows or compact corporate offices. In response, the AMC's standing committee has directed officials to assess and prepare 10 to 15 smaller plots for sale in the western parts of the city. This adjustment in approach aims to cater to evolving buyer preferences and maximize participation in future auctions, aligning with current market demands.
Ahmedabad Municipal Corporation (AMC) is gearing up for a fresh round of auctions as it plans to sell approximately 150 plots measuring less than 2,000 square meters. This decision follows a lukewarm response to the AMC's past efforts to monetize larger plots in its February 2023 auction, where seven plots with a combined base price of INR 499.72 crore failed to attract significant interest.
City officials revealed that potential buyers have shown a preference for smaller plots suitable for constructing bungalows or compact corporate offices. In response to this market demand, the AMC's standing committee has directed officials to assess and prepare 10 to 15 smaller plots, each less than 2,000 square meters, for sale in the western parts of the city within the next two weeks.
The initiative originated from the AMC's recent attempt to auction eight plots, comprising six commercial and two residential properties. The auction, which began on December 27, included a high-value plot in Bodakdev TP Scheme 50 with a base rate of INR 2.70 lakh per square meter and a reserve price of INR 133 crore. However, the bidders demonstrated a stronger interest in smaller plots during the online registration process, which concluded on January 17.
The AMC's previous attempts to auction prime plots, including those on Sindhu Bhavan Road in 2021 and seven plots in February 2023, faced challenges with minimal bidder interest and unsuccessful transactions. The municipal corporation is now adjusting its approach to adapt to the evolving preferences of potential buyers in the real estate market.
A senior AMC official disclosed that there was a notable preference for three smaller plots, ranging from 2,000 to 4,100 square meters, located in Saijpur Bogha and Vatva. Additionally, in the western parts of the city, a 4,062 square meter residential plot in Thaltej and a 3,977 square meter commercial plot in Makarba garnered increased bidder registrations. The online auction for these smaller plots is scheduled to take place on January 29, 30, and 31.
In response to these developments, the standing committee has advised creating a list of plots smaller than 2,000 square meters that can be put up for sale. This strategic move aims to align with the current market demand and maximize participation in future auctions.
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